Cardano (ADA) has had one of the best performances over the last three weeks, surging over 200% toward a 2.5-year high. Today, the cryptocurrency rose over 20% to break above the $0.90 mark, fueling a bullish sentiment for the long-awaited $1 target.<\/p>\n
On Friday, Cardano broke past the $0.81 resistance and skyrocketed toward the $0.90 mark, making a new year-high of $0.97. This performance represents a 22% surge<\/a> in the last 24 hours, driving the token to its highest price since late April 2022.<\/p>\n Cardano peaked above the $3.10 mark three years ago but lost its bullish momentum as the crypto market struggled, hitting its lowest price of $0.22 in June 2023. Since dropping 92% below its all-time high (ATH), ADA has been heavily criticized for underperforming the rest of the market.<\/p>\n Nonetheless, the cryptocurrency recovered during Q1 2024 highs, reaching the $0.81 mark before losing 66% of its gains in the next few months. The recent market rally has seen ADA outperform<\/a> most altcoins in the last three weeks, renewing interest in the cryptocurrency.<\/p>\n According to CoinGlass\u2019 data<\/a>, Cardano\u2019s open interest (OI) surged by 28.25% in the past 24 hours, hitting $855.5 million today. Additionally, it has jumped over 11% in the past four hours, suggesting increased activity and confidence among crypto traders.<\/p>\n Cardano investors and crypto analysts have recently expressed their bullishness over ADA\u2019s \u201cfire\u201d performance. Crypto analyst Ali Martinez noted<\/a> that Cardano has surged over 200% this month, fueled by whales and institutional investors.<\/p>\n Per the post, the volume of large ADA transactions on the network had increased by over 297% since the US election, reaching $22 billion on November 19.<\/p>\n Martinez signaled that these large transactions are related to high accumulation levels, as whales holding $1 million to $10 million in ADA increased their positions by over 100% in the last 30 days.<\/p>\n He also highlighted that ADA seems to be mirroring its 2020-2021 price action. As reported<\/a> by NewsBTC, the analyst has suggested the cryptocurrency is set to experience a 2,000% run toward the $6 mark if it continues to follow its past behavior.<\/p>\n As the price soared past $0.90, Martinez pointed out that the $0.80 resistance, where 48,000 addresses had bought 1.2 billion ADA, was a \u201ckey area of support to watch for the bullish thesis to hold.\u201d<\/p>\nADA To Hit $1 Soon?<\/h2>\n